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Wall Street extends losses as rates bite ahead of US jobs data; Asian markets set to fall

US non-farm payroll

US stocks finished lower for the second straight trading day, as bond yields regained upside momentum after several US Federal Reserve officials reiterated a hawkish stance for "higher for longer" rates.

Traders are also cautiously awaiting the non-farm payrolls data that is due for release later today. US jobless claims was recorded at 219,000 in the week ending on 1 October, an increase of 29,000 from the previous week, suggesting the upcoming employment data may show a slowdown in hiring, though it may have little impact on Fed's policy stance.

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  • Energy stocks outperformed the 11 sectors in the S&P 500 for the fifth consecutive trading day, which is the only sector that closed in green, up 1.8 % on Thursday. Real Estate and Utilities were the worst performers, both down more than 3%. All the mega-cap tech companies' shares were also lower. The Dow fell 1.18%, the S&P 500 was down 1.03%, and the Nasdaq slipped 0.68%.
  • AMDwarns of the third quarter revenue shortfall due to weakened PC demands and supply chain woes. The chipmaker issued preliminary third-quarter revenue of $5.6 billion, well below the initial expected $6.7 billion, 200 million more or less. The company’s shares fell 3% and Nvidia fell 2% in after-hours trading.
  • US dollar index resumed gains, topping 112 again, pressuring the other currencies. USD/JPY climbs back to above 145, hovering around the 24-year high, while USD/CNH rebounded for the second day after falling to the key support of 7.
  • Asian markets are set to open lower following a negative close on Wall Street. ASX futures were down 0.73%. Nikkei 225 futures fell 0.99% and Hang Seng Index futures declined 0.54%. The NZX 50 was down 0.50% in the first half-hour of trading.
  • WTI futures approaches $90 per barrel, the highest level since mid-September as crude oil prices rose for the fourth straight trading day after OPEC+ decided to cut production by 2 million per barrel, the most since the pandemic period in 2020.  
  • Gold futures managed to close above a key support level of $1,720, though facing pressure of a strong US dollar and high bond yields. Silver has been also hovering around the $20 handle for the last two trading days. A bullish breakout of these pivotal resistance levels may take the precious metal to reverse the multi-month downtrend. 
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